What a great start to the day! Two winners: NZD/USD and Dax, and our CAC signal is doing wonderfully. Are you up for a Gold trade today?

Gold/XAU/USD – Technical Outlook

Allow me to share three technical reasons to stay bearish on Gold today.

Gold – 4 Hour Chart

1. 20 & 50 Periods EMA – The yellow metal struggled to break above the $1,330 resistance level, and extended the 20 & 50 periods EMA on the 4-hour chart. The prices below EMA signifies a bearish sentiment of investors.

2. Trendline Resistance – Looking at the 4-hour chart, the bullish trendline that was providing support and working as a resistance at $1,330, was violated yesterday.

3. BothRSI and Stochastics, the leading indicators, are holding in the overbought zone above 80. This indicates that buyers may grow tired soon and sellers may enter the market.  

Gold/XAU/USD – Trade Idea

The point is to stay bearish below $1,329, with a stop above $1,332 and profit at $1,322.

Good luck!